Maintaining Financial Independence in Divorce

By
Roscich & Martell Law Firm, LLC
|March 09, 2013

While there are always several different angles to look at in a divorce,
the accusations of who slept with whom and who did what when don't
carry as much weight in a modern divorce as they might have in the past.
A modern divorce,
according to
CBS News, is about the money. “Both spouse's income and assets are—or
should be—on the table.” But
CBS warns that both parties in a marriage, especially one that's dissolving,
might not be privy to the other's finances, and might not even now
where to look. “They might not even realize how much less they're
worth, due to the squeeze on incomes and the housing depression,” states
CBS News.

The conventional knowledge is that the divorce rate falls during tough
economic times because people can't afford to split. But for many
people it's worth a financial hit to end a bad marriage; it's
not as if divorces stop completely during an economic downturn.
CBS News has several tips to keep your finances somewhat in order during a divorce,
no matter the economic climate.

The first is to “follow the money.” Snoop around if you don't
know your partner's finances, and make copies of bank accounts, insurance
policies, payroll and retirement plan statements, mortgage statements,
etc. Get copies of tax returns and credit reports. This is especially
important if your spouse was the main breadwinner. The next important
piece of advice to “protect your flanks.” This could mean
freezing a joint home-equity line or credit cards so that your spouse
isnt tempted to run up debt. If you suspect that divorce is in the works,
open a private credit card that your spouse doesnt have access to. It's
important to make steps to be financially independent even before a divorce
is finalized.

Figuring out your finances is just one of the many complicated steps you'll
have to take if undergoing a divorce. Don't go through it alone. Contact
a dedicated Naperville
divorce attorney today.

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Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
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